Justin Harvey

What's your plan for healthcare after you sell your business? I've worked with 100+ retired business owners and executives. Here are a few things that may surprise you: + The average couple will spend over $350,000 on healthcare in the form of out-of-pocket expenses in retirement. (WSJ) + Retiring four years before Medicare starts can drain $100,000 from retirement savings. (WSJ) + Vision & Dental are not covered by Medicare. + At age 75, $16 of every $100 you spend in retirement goes to healthcare. (JPMorgan) + Average cost of healthcare is rising by 4.5% per year, nearly twice the rate of current inflation. (JPMorgan) Bottom line: If you're in a position to pay for your health expenses out of pocket NOW, investing your HSA contributions can set you up for a whole lot more marshmallows LATER. Not only do you get triple tax savings (contributions, growth, and withdrawals), if you invest your HSA contributions, you can build a bucket of dollars that can pay for Medicare premiums, for long term care insurance, and other qualified health expenses that are going up faster than inflation, at a time when you may not have the same earnings power as you do when running your business. And if you don't need the money for healthcare, you can treat the account like an IRA and just go buy a boat, a trip to Europe, or even marshmallows. After 65, the funds can be used for anything, although taxes will be assessed on withdrawals (like an IRA). ---------------------------------------- Want more? Sign up for The Slice, a monthly newsletter from PieCapital here: https://lnkd.in/e3ME9s87 Not advice. Talk to a professional about your specific situation.

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How many clients can an advisor effectively help?!? The industry "experts" consistently say somewhere between 50 and 150 households. Complete nonsense! Conventional wisdom loves rules of thumb. Some of them even make sense, but not in this case. I recently read an article (from someone marketing to advisors...not an actual advisor) talking about the "Rule of 150," or Dunbar’s Number, popularized by British anthropologist Robin Dunbar. It suggests that individuals can effectively maintain only about 150 stable relationships. The Rule of 150 is based on the cognitive limit to the number of people with whom one can maintain stable social relationships – relationships in which an individual knows who each person is and how each person relates to every other person. The writer concludes for financial advisors, this rule can be interpreted to mean that managing beyond 150 client relationships may compromise the quality of service and attention each client receives. NO! We have helped thousands of households under our agreements (and want to help hundreds of thousands more!). That actually happened. I don't need a rule when I experience my reality every day. How is that possible you might ask?!? * I am not trying to be social friends with the people we help. I am a fiduciary financial advisor providing planning and advice. I don't need to remember intimate details of their personal lives like in a family or friend situation. * We work in defined niches established by our group advisory agreements. We know their financial details before we meet them! * I have Ellen to help me! She is amazing and working as a team leverages our ability to help more people. * We embrace technology! People are shocked by what I remember about them. It isn't me. It is a technology reminder...kind of like your wife remembering the birthdays of everyone's children when I forget within seconds. * I have a small family and almost no friends...that apparently frees up my mental ability to help more households!😅 If an advisor has a large family and lots of friends, amounting to over 150 social relationships already, does that mean they cannot be an advisor?! 😲🙄😂 The world is filled with endless amounts of noise. Some of it makes sense, but a lot of it does not. You need to have the confidence to ignore others imposing their nonsensical limits on you! The world is experiencing a death of common sense. "Experts" come up with "rules" and then those rules are applied inappropriately to reach conclusions that become conventional wisdom and get repeated over and over until people believe it is true. I believe those that get ahead in life maintain a high level of intellectual curiosity and have a much greater tendency to question the noise. Yes, I have learned few people like a person that questions conventional wisdom, but curiosity and questioning have become extraordinarily valuable in a world lacking common sense!

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Several of the Financial Advisors I coach have brought in over $70,000,000 in Net New Assets YTD.  How are they accomplishing this? What is a best practice?  Those are the questions I am consistently asked.  Here is a framework to demystify and decode which high payoff, proactive, business development, asset gathering activities you should be prioritizing.

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Most financial advisors don't understand your Washington state benefits. But you deserve someone who does. Here's what makes your retirement unique: First, you have your pension (PERS, LEOFF, etc.) - a guaranteed lifetime income most private sector workers can only dream of. Then there's your DCP (Deferred Compensation Program) - a powerful tool for tax-advantaged wealth building. But here's what many don't realize: You can strategically combine these benefits with your personal savings to create tax-efficient income streams. By coordinating your pension with your DCP withdrawals, you could potentially save thousands in taxes each year. Ready to maximize your state benefits? Here are three action steps: 1. Review your current service credits 2. Calculate your pension estimates at different retirement ages 3. Check your DCP contribution rate – maximize your contributions up to the contribution limits if possible Your public service career gives you unique advantages. Let's make sure you're using all of them.

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My mission - Create freedom & prosperity through passive income NOW! Here's some key strategies that I shared with Brian Bogert that you need to understand BEFORE gaining that freedom.

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Do you know how your advisor gets paid? Here’s a breakdown of the most common fee models, with average costs included: 1. Fixed Fees    One-time services like creating a financial plan or retirement strategy. Costs typically range from $1,500 to $6,000. For clients looking for a custom plan without ongoing management.     2. Assets Under Management (AUM)    Advisors charge a percentage of the assets they manage—usually 0.5% to 1.5% annually. For example, if you have $500,000, a 1% AUM fee would be $5,000 per year.     3. Monthly Subscription    A flat monthly fee, ranging from $200 to $1,500, gives you ongoing access to financial advice. Ideal for business owners or clients who need regular guidance but don’t have large investable assets yet.     4. Hourly Fees    Advisors may charge $250 to $500 per hour for services like creating financial plans. A comprehensive plan usually takes 10 to 20 hours, with a total cost ranging from $2,500 to $10,000.     5. Commissions    Advisors who sell financial products may earn commissions, typically 3% to 6% on investments like mutual funds or annuities. For example, a $100,000 investment could come with a $3,000 to $6,000 commission.

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You'd probably never believe this… One of the most common comments I hear as a financial advisor is, "I used to do that." You wouldn't believe how many people have told me they used to be financial advisors. Why is this such a common occurrence? Because 80-90% of financial advisors quit and leave the business within three years. Many of them take internal roles within their firms, so when a financial advisor needs help, they can say, "When I was on your side of the desk." Sometimes it's annoying, awkward, or hard to hear, "I used to be a financial advisor." Did I succeed because I worked harder than they did? Or were they simply cannon fodder for a sleazy organization (which is quite common)? I like to think of it as being lucky, or as God's way of placing me exactly where He wants me. Have I worked through exceedingly difficult conversations, managed challenging relationships, long hours, high stress, education requirements, compliance, self-governance, and maintained general friendliness? Absolutely. Did that put me among the top 10%, 5%, or 3% of financial advising professionals? You bet. But when I meet others, I remind myself that I don't know their stories, and they don't know mine. I think deep down... they have some insight, some wisdom that I never got. If you were an FA and have left, what lessons have you learned that could help those starting out? What lessons did you learn to help out a vet like me? (photo is of me, with zero days experience as a financial advisor, 14 years ago 😶 )

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Most advisors say "referrals" when you ask them how they get new clients. But they're also asking "how can we find more clients?!" David DeCelle and I want to teach you how to go from reactive 👉 proactive with your referrals (and grow the amount of referrals you get by over 300%!). We've teamed up to host a live learning session for advisors where we'll share 3 strategies to grow your referrals you need to know. 📈 📅 🖥 Join us here: bit.ly/referrals3x See you this Thursday at 12 pm ET! #referralmarketing #financialadvisors #wealthmanagement #financialservices #advisormarketing Wealthtender Model FA

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Ellevate Advisors is a fee-only RIA that solely works with advisors and their families on their personal financial plans. 👏 But what makes our process different, to best support advisors specifically? 🤔 🧩 Complex Financial Planning: Many advisors are entrepreneurs with multiple businesses. Using eMoney, we do advanced financial planning for multiple complex scenarios that advisors face. We understand you hired us for another set of eyes on your financial plan, and we rise to the challenge! 👀 Objective, Generational Perspective: As a third-generation CFP® , I understand the specific needs and challenges you face as advisors throughout your careers. We connect you to industry-specific resources and professionals along the way to help you succeed! 🤝 Encouragement, Organization & Accountability: Advisors often juggle their personal lives with managing work for clients. Providing some organization and accountability is exactly what advisors need to feel confident in their finances again! 💫 Values-based Financial Planning: Often, advisors put their clients before themselves. It's the nature of the work! Our values-based process offers thought-provoking questions and exercises throughout the entire relationship to help you connect with what truly matters to you. Bonus, when you are happier, it reflects in the work you do for clients! 💞Support for Couples: When one or both partners are money experts, it can actually put MORE strain on a relationship. We ensure both partners are represented in the plan and facilitate healthy financial discussions. For dual-career couples, we provide resources to consider each of your career tracks in your financial plan. 🛣️Exit Planning Expertise: Since we also provide Exit Planning services specific to advisors, we understand your Succession, Continuity, and M&A needs. We know the right questions to ask as you consider a business transition and how to build a financial plan that aligns with long-term life and business goals! 🔥We're passionate about advisors and their families: It may sound cheesy, but it's true. Our firm is driven to help financial planners and their families thrive the way they help their own clients thrive! We are committed to helping advisors practice what they preach and get the support they truly deserve! If you’re an advisor considering outsourcing your financial plan, let’s chat over Zoom! We’re excited to support you in achieving your unique goals and dreams. 🚀🌟 #FinancialPlanning for #Advisors

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Financial planning and wealth management are deeply personal. There's no one-size fits all approach, as you can see by some of these questions I've gotten recently: 🤔 Do these assets in trust get a step-up in basis? 🤔 I loaned a family member $30,000 at 3% over a 5 year period. The family member has been making payments for 25 months and wants to pay off the loan now. What's the remaining balance? *numbers changed for privacy purposes. 🤔 What should I be doing with excess company cash? 🤔 I've exhausted my securities based line of credit while waiting for a couple houses to sell. What are my options for generating some additional cash? 🤔 How can I most efficiently give to these 2 charities? 🤔 What are my options for paying for future long-term care needs? 🤔 I've got some company stock as part of a new benefits package. What the heck does this all mean? The questions that come up are unique. The reality is there's no one size fits all answer. That's why we get to know our clients deeply and gather a ton of information up front and as we go along. This helps not only answer questions like these but also be proactive in how we help people try to achieve their goals. Holler if we can ever be helpful.

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Your financial planning should allow you to connect to possibilities that you hadn't seen before. So many clients of mine spent years avoiding their finances and any correlating overwhelm, or leaving their financial junk drawer disorganized, or doing only the things they thought they *should* do (max out 401(k) or contribute to a Roth or buy a house - all potentially aligned choices, but lacking a personal why). What they didn't understand was all of the possibility on the other side of planning... For one client, she found that she had a great capacity to travel more now, without negatively impacting her long term financial wellbeing or security. For another client, she found that she could become work optional with more assurances around sustained cash flow and risk mitigation much sooner than she had before! For another client, he got clear on the purpose of money in his life and now finds his spending, investing, and overall money management more easeful, aligned, exciting and peaceful. And lastly, one client realized that he had the capacity to build the business of his dreams after paying attention to how to access his personal capital wisely. Possibility awaits on the other side of discomfort in so many areas of life. If the idea of bringing strategic perspective to your financial world seems uncomfortable or daunting, know that you have a cheerleader, support and guide in your corner, excited for you to see the possibilities your life can bring with greater financial clarity, organization and planning. #LGBTQFinancialPlanning #SustainingEconomicImpact

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I want it to be easy just as much as the next guy. Habit advice for your financial life (and beyond): "You do not rise to the level of your goals. You fall to the level of your systems." This applies perfectly to your money habits (and everything else) __________________ ✕ You don't overspend because you lack discipline. ✓ You overspend bc one-click shopping is on your phone. ✕ You don't fail to meditate because you lack discipline. ✓ You fail bc your phone is always next to you. ✕ You don't fail to save because you're bad with money. ✓ You fail bc your savings aren't automated. ✕ You don't skip the gym because you're lazy. ✓ You skip it bc your gym clothes are buried in the laundry. ✕ You don't miss payments because you're irresponsible. ✓ You miss them bc you haven't set up auto-pay. Anyways, you get the point. 𝗬𝗼𝘂𝗿 𝗲𝗻𝘃𝗶𝗿𝗼𝗻𝗺𝗲𝗻𝘁 𝗶𝘀 𝘁𝗵𝗲 𝗶𝗻𝘃𝗶𝘀𝗶𝗯𝗹𝗲 𝗵𝗮𝗻𝗱 𝘀𝗵𝗮𝗽𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗵𝗮𝗯𝗶𝘁𝘀. 👉 Design it wisely, and you'll find yourself effortlessly building the wealth and life you want. __________________ 𝗔𝗰𝘁𝗶𝗼𝗻 𝘀𝘁𝗲𝗽𝘀: 1. Automate your savings (even if it's just $10 a week) 2. Delete shopping apps from your phone 3. Set up auto-pay for recurring bills 4. Move your investment app to your home screen 5. Put your gym clothes next to your bed 6. Replace the junk food in your pantry with healthy snacks 7. Place your meditation cushion in a visible spot 𝗦𝘆𝘀𝘁𝗲𝗺𝘀 𝘁𝗿𝘂𝗺𝗽 𝘄𝗶𝗹𝗹𝗽𝗼𝘄𝗲𝗿 𝗲𝘃𝗲𝗿𝘆 𝘁𝗶𝗺𝗲. __________________ I’m a financial planner giving tech professionals financial peace of mind. 🔔Follow me to learn about unlocking equity compensation gains, reducing taxes and improving investments! ~This post is for educational purposes only and should not be taken as individual advice~

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Here’s the truth: most people don’t need a financial planner. If your financial life is simple, you can probably handle it on your own. For example: - You don’t own a business. No staff, equipment, or revenue streams to manage. - You’re W-2 employed. No 1099 income, quarterly taxes, or tax-saving opportunities to think about. - Your debt is minimal. No lingering student loans or significant practice acquisition costs. - You’re investments are limited to your employers retirement options (401k, 457, etc.) No need to evaluate 401(k) options, SEP IRAs, or defined benefit plans. - You don’t need tax strategies. No high income, no deductions to optimize, you take the standard deduction, no entity structure to plan for, etc. - You don’t have equity compensation. No stock options, RSUs, or ESPPs to navigate. However, if your financial situation isn’t this straight forward.. it might be worth having a person help you put all the pieces together.

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A few questions we ask our clients to consider in preparation for fundraising: 1. Have you validated your solution proving there is real demand from your target market? 2. Can you clearly connect the dots between an investment and path to scale? 3. Are you internally ready to execute on your plan and fill the external expectations that come from raising? These (+ more) should all be fleshed out if you would like to fundraise. If you’re stuck on any of these or are contemplating what you need to prepare to raise, feel free to book a time on my calendar for a free consultation. https://lnkd.in/e4PmiVBE Just remember the raise is not the destination, it’s just the beginning.

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Most financial advisors have only moved once or twice in their career. Sometimes zero times! Why not leverage a guide that has helped over 1000 advisors navigate the sea of options out there and find their new home? I am constantly studying industry, finding new BDs and RIAs, and learning new best practices and mistakes to avoid during your search process. If you want to get the most out of your next move, make sure to give me a call! #bridgmarkstrategies

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How do you compete in a hot housing market? If you're a seller trying to buy a 🏡 home this summer, then you know all too well that it's a battlefield out there. Erica Powers, CMPS®, CDLP®, NMLS#739673. First Merchants Bank is an Equal Housing Lender and a Member FDIC joins my Women's Money Wisdom podcast with 🔑 keys on closing the deal. Click the 🔗 link in the comments below👇 for the whole conversation.

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I believe everyone deserves financial security. Not just the wealthy. Not just the elites. Not just some. EVERYONE. This month, I officially joined Finseca. Finseca advocates for financial professionals to help them reach more clients and help provide them better outcomes. At their core, they advocate with the country's key policymakers to ensure the laws align with how financial professionals can best impact the most people in the best way. You may be wondering... Why would they need an advocate for this? Well, here's why. As financial professionals, may of us get paid when clients implement investment, insurance or annuity products. It is largely debated whether this is a good or bad thing. On one side, it incentivizes professionals to help clients actually take action. On the other hand, it could incentivize a product someone may not really need to be implemented by some bad actors. My personal opinion? If financial professionals were not incentivized for their clients to implement financial products SO many more consumers would be underinvested, underinsured, and less financially secure. I'll be the first to agree that there are bad actors who product-push and they will get what's coming their way. But for the vast majority, it is good to have incentives aligned for people to take action to improve their financial lives. This is inherently why I believe so strongly in Finseca's mission and why I decided to join this month. Transparency, ethics and inclusion are critical to act with as a financial professional. Without them, it doesn't matter how someone gets paid, there will always be bad actors. If you're a financial advisor looking to grow your career and push the profession forward, consider checking out Finseca!

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